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(Alliance News) - EQTEC PLC on Monday announced the agreement of an unsecured term loan facility of GBP1.3 million with British Virgin Islands-based investment company Altair Group Investment Ltd, a 20% shareholder in EQTEC.
The Cork, Ireland-based gasification technology solutions company for sustainable waste-to-energy projects said the loan facility is for a term of 12 months and carries an annual interest rate of 6%, with the principal and any accrued interest due to be repaid in full on December 31.
Shares in EQTEC were up 21% at 3.14 pence in London on Monday.
EQTEC said the loan will be used to pay all sums due to Riverfort Global Opportunities PCC Ltd and YA11 PN Ltd in full, settling all final amounts owed to the lenders under previous agreements.
By Zoe Wickens; zoewickens@alliancenews.com
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